As we’ve spoken about in the recent past, today’s consumer isn’t looking for the most economical price; he or she is looking for the best value. Scary economic times have led to judicious, research-supported spending. Incorporating this intelligence into your brand strategy will work to build your brand.
Building a Valuable Brand Strategy
Brendon Burchard is the best-selling author of The Millionaire Messenger and The Charge: Activating the 10 Human Drives That Make You Feel Alive. He has said, “If you create incredible value and information for others that can change their lives – and you always stay focused on that service – the financial success will follow.” At How to Build a Brand, we couldn’t agree more.
It’s crucial that your ideal clients feel that they are receiving measurable value. This value can be found in your brand’s products and services; however, it should also be found in the extras that you do – the things that your competitors may have deemed as unnecessary. This can be accomplished in a number of ways, and should be tailored to your specific audience’s preferences. Here are just a few examples of how you can build a value-rich brand strategy:
- First, the product (or service) should deliver more than its basic promise. This is important because its basic promise is probably already being fulfilled by your competition. Your brand needs to deliver something more. This is its USP, and a channel through which clients will experience exceptional value.
- The stirring of emotion is an element that adds value to any brand strategy. People watch movies, read books, and listen to moving stories on the news in order to get their ‘emotional fixes.’ If your brand can stir the kind of the emotions that you know will spur action in your target audience, those people will not only feel indebted for the emotional arousal, they will be spurred to purchasing action.
- Sometimes, the value of a brand is the connections it provides to consumers – whether those connections are tangible referrals or mental associations. If a brand causes consumers to think in a new way, encourages them to try something new, or opens possibilities that hadn’t been considered (or that were hindered by inexperience or fear), then value is perceived. Often, these things can be accomplished even before a sale is made – grasping mind share for the brand and encouraging future business and referrals.
- Value is often recognised in the statement of your brand’s values (two different ‘value’ definitions here). When your ideal clients see that your values match theirs, they will assume that the work your brand does will be propagating the change they want to see in the world. For instance, if environmental preservation is one of your brand’s values, then people who embrace that same value will believe their money to be well-spent with you because they’re not only getting your product, they’re getting the support of their personal beliefs.
- People pay for experiences – and often, those experiences are not worth what’s been spent. If you can manage to create a memorable experience that’s tied to your brand, at no extra cost, people will not only realise the value, they will come back for more.
- Often, established brands help customers to portray a certain image or send a particular message. Wearing a Rolex, driving a Mercedes, or sporting Birkenstocks communicate something about the user. This is an added incentive for buying – added brand strategy value that results in brand loyalty.
- Similarly, consumers can compound the meaning of their own messages with established brand value. For instance, if a man gives a woman a light blue jewellery box from Tiffany, he gets ‘points’ even before she opens it. This equates to value for the giver of the brand.
- Your brand strategy can make a dream come true. What do your ideal clients want the most? How do they want to feel? Who would they like to be? Provide these things, along with your product or service, and you’ll build the value and the financial success for which you’ve been striving.
In short, consumers want to get the most for their money – even if the cost is higher than that of your competitors’. The definition of the word value is equivalent to the meaning of the word worth…so let me ask you this: What is your brand worth? The value that you offer will determine the answer to this question.
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